New Hampshire has authorized the first US municipal security explicitly backed by Bitcoin, approving a $100 million “conduit” bond that uses over-collateralized BTC rather than tax revenues or project cash flows as its primary backstop. The decision by the state’s Business Finance Authority (BFA) positions New Hampshire as an early test bed for integrating digital assets into the roughly $140 trillion global bond market.
Governor Kelly Ayotte framed the move as a way to attract capital while insulating residents from balance-sheet risk, saying she is “proud that New Hampshire is once again first in the nation to embrace new technologies with this historic Bitcoin-backed bond,” and calling it “an innovative way to bring more investment opportunities to our state and position us as a leader in digital finance without risking state funds or taxpayer dollars.”
The structure was designed by Wave Digital Assets and municipal specialist Rosemawr Management, with BitGo as custodian and Orrick, Herrington & Sutcliffe as legal counsel. Wave co-founder Les Borsai described the transaction as “the opening of a new debt market,” arguing that it shows how “public and private sectors can collaborate to responsibly unlock the value of digital assets.” Orrick partner Orion Mountainspring called it “the first municipal security backed by cryptocurrency” and a potential “game-changer for digital currency and municipal finance.”
Whether the model scales beyond this initial authorization will depend on investor demand, pricing and ratings treatment once an actual borrower brings a deal to market. For now, New Hampshire has moved the concept of Bitcoin-backed public debt from theory into the machinery of US municipal finance, creating a live template other states and issuers can study or choose to emulate.
At press time, BTC traded at $91,401.
